According to Market Research Future (MRFR), the global Covid-19 Impact on Aquaponics Market is estimated to acquire the market value of USD 1.34 billion, thriving at a CAGR of 13.4% during the forecast period from 2019 to 2024. Aquaponics is the combination of aquaculture (raising aquatic animals in tanks) and hydroponics (cultivating plants in water) in a symbiotic environment.
Benefits of aquaponics, such as no usage of pesticides, less amount of water required, and others are projected to be vital factors driving the global aquaponics market 2020. The aquaponics method demands less space for husbandry of vegetables which is anticipated to be an essential factor steering the market. Further, increasing urbanization and industrialization have resulted in shrinkage of arable lands, which are recognized as other imperative facets for the surge in demand for aquaponics. Growing health concerns owing to consumption of pesticides ridden vegetable and the rising need to meet the agricultural demand for the increasing human populace are further predicted boost the aquaponics market.
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On the contrary, high maintenance cost with the expensive price of installation is predicted to impede the market growth. However, the benefit of increased income due to hydroponics and aquaculture, along with above-stated factors, the market is likely to prosper notably.
The renowned players of the global Covid-19 Impact on Aquaponics Market are Colorado Aquaponics (US), Backyard Aquaponics Pty Ltd (Australia), GREENLIFE Aquaponics (US), Nelson & PADE Inc. (US), Urban Farms AG (Switzerland), Ichthys Aquaponics (South Africa), Red Ewald Inc. (US), APONIC Ltd (UK), ECF FARMSYSTEMS GmbH (Germany), HAPA Farms (US), My Aquaponics (South Africa), Lucky Clays Fresh (US), Pentair Aquatic Eco-Systems Inc. (US), NUTRAPONICS Canada Corporation (Canada), and Japan Aquaponics (Japan)
The segment analysis of the Global Covid-19 Impact on Aquaponics Market is done by components, produce, application, and equipment.
The components-based segments of the global aquaponics industry are settling basins, rearing tank, bio-filters, sump tanks, and others.
The produce-based segments of the global aquaponics market are fruits & vegetables, fish, and others.
The application-based segments of the global aquaponics industry are home food products, commercial, and others.
The equipment-based segments of the global aquaponics industry are growing lights, pumps and valves, water heaters, fish purge systems, water quality testing, aeration systems, and others.
Based on the region, the global aquaponics market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
As per the analysis, the global market is estimated to be dominated by North America during the forecast period due to the growing demand of organic food and adaptation of modern techniques in farming. The region is technically advanced as compared to the other regions, providing a superior position to the region. The US is estimated to make a crucial participation in developing the regional market during the review period.
Europe is estimated to acquire substantial market share during the review period owing to the increasing awareness of benefits of aquaponics. Further, the sustainable nature of aquaponics is estimated to propel the market significantly during the review period. Also, the increased concern towards the environment is likely to be other potent factor driving the aquaponics market in the forthcoming period.
The APAC region is projected to grow at the highest CAGR during the forecast period owing to the growing population demand more food. Developing countries such as India and China are estimated to make the most vital participation in expanding the regional market.
The RoW is predicted to acquire significant market share during the review period owing to the increased demand for food and the growing exposure of aquaponics method.
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